Online Incorporation MaxBlog

The idea of starting your business during these uncertain economic times may be a non starter for most. You shouldn’t let bad economic times deter you from making that leap, especially if you have a stellar idea. Now may be the best time to incorporate or form an LLC online according to Heleigh Bostwick for the following reasons.

First is the idea, which can be difficult during a recession. One way to consider this is do you have an idea that answers needs for people during an economic downturn? Everyone is looking for ways to get the most of their hard-earned dollars, especially these days. A business that can help folks in that effort would be very valuable.

The next criterion is credit, which is tightening due to the ongoing financial crisis in the U.S. Nevertheless, having low or no balances on your credit cards and an excellent credit rating can be a tremendous plus, allowing you to negotiate good terms for loans and business credit cards.

Continuing on the credit theme, possessing good negotiating skills is a must have in this environment, and even more critical if your credit is less than perfect. Being a good negotiator and providing the bank with a strong marketing plan can be a big help in obtaining favorable loan terms.

Beyond the idea for your small business and financing, managing money is very important. Getting by on a shoestring budget is good practice anyway but a big plus when incorporating a business. And being disciplined and avoiding impulsive decisions is especially important in this current environment.

In the final analysis, if you’re ready to incorporate your business, don’t let the recession stop you. Many of today’s successful companies such as Hewlett-Packard (1934) and Adobe Systems (1982) got their start during major economic hardship in the U.S.

Trying to figure out what to do for insurance with your newly formed corporation or LLC? MaxFilings has just published an overview of the three main types of insurance that small business owners need to be aware of here.

Even if you haven’t incorporated yet, be sure that your buisness has adequate insurance by consulting with a qualified buisness insurance professional. And be sure to keep in mind the added protection of limited liability provided by forming a corporation or LLC. You can learn more here: Should I Incorporate My Business?

If you’re ready to take this step, you can see costs to incorporate and then form your business easily at MaxFilings.com online incorporation service

Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.

1. Keep Your Bills in One Place

When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it’s a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won’t get filled up too quickly.

2. Pay Your Bills on Schedule

Bill paying can be simplified if it’s done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you’re paying bills as you receive them, chances are you’re spending too much time in front of the checkbook. Although bills may state “Payable Upon Receipt”, there’s always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.

3. Read Your Credit Card Statements

Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.

4. Take Advantage of Automatic Payments

Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.

5. Computerize Your Checkbook

Using a software program is a handy way to organize your finances. Whether it’s Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn’t be easier.

6. Get Overdraft Protection

Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.

7. Cancel Unused Accounts

Whether it’s a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don’t let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It’s easy for credit to get out of hand by taking advantage of every credit offer that comes your way.

8. Consolidate Your Accounts

If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.

9. Establish Automatic Savings

Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.

10. Clean up Your Files

Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.

(c) 2005 DebtGuru.com(r). Michael G. Peterson is the Vice President of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information and free consumer resources visit http://www.debtguru.com

By Michael Harrison

The highly successful Pineapple Dance Studios in London has been transformed from a privately owned dance studio to a Publicly Owned Corporation quoted on the London Stock Exchange.

The company chairman, entrepreneur Debbie Moore became the first female Chairman of a London quoted company in 1982. She attributes her success in business to the following;

* Work with what you know. In the tough world of business it’s easier to find success if you care about what you do.

* Don’t make money your sole motivation. Never turn your greatest interest into a business because you want to make millions. Status and money may follow, but they are only a by-product of your success.

* Learn about Finance. In the early days you may not be able to afford an accountant. Enrol in a small business course and get familiar with accounting. You will also need it when you can afford an accountant.

* Know when to spend and when to save. While you can save money on some things like office furniture there are others where you must always be professional. Stationary, promotional materials etc., are good examples.

* Organise your private life. You must be able to keep a balance and not be pulled in too many directions. Treat your private life with the same care and seriousness that you treat your business life.

* Engineer your own good fortune. Gary Player, the South African golfer once said, “the harder I practice, the luckier I seem to get because the more I seem to win”. So the harder you work the more successful you will be.

Clearly there is more to it than just these points but as the highly successful entrepreneur, Debbie Moore explained it’s good sense and worth keeping these 6 points at the front of your thinking as you seek success in your business.

Tip: Success lies in everyone in some form. Will you be guided by it or deny it?

Article by Michael Harrison, Author, Publisher and Business Consultant. Learn from an expert: Go to: http://www.be-your-own-business-expert.com/Entrepreneur.html

Subscribe for your Free weekly newsletter. Information for career and business minded people. Subscribe today http://www.be-your-own-business-expert.com/Bulletin.html Access our archives when you subscribe.

Article Source: http://EzineArticles.com/?expert=Michael_Harrison

by Matt Bacak

The Powerful Promoter

Copyright 2005 The Powerful Promoter

Use this comprehensive checklist to plan each step of your new business incorporation and transform your dream of entrepreneurship into reality. These steps may not necessarily be completed in the order listed; however, you can use them as a guideline for completing all of the necessary business startup tasks.

- Determine what kind of business you want to start.

- Learn about the industry for your business.

- Analyze the market for your business.

- Study your competition.

- Educate yourself on running a business.

- Join trade associations.

- Name your business.

- Perform a trademark search.

- Register a domain name.

- Design a website.

- Obtain a logo.

- Determine business structure (sole proprietor, partnership, or corporation).

- Evaluate your personal budget.

- Write a business plan.

- Write a marketing plan.

- Locate financing.

- Create a list of start-up supplies with budget.

- Set up a system for accounting and payroll.

- Apply for business license, fed tax ID, fictitious business name.

- Select a location and set up shop.

- Order signage.

- Obtain business tools (computer, printer, fax, postage, office supplies, and fixtures).

- Order business stationery (business cards, letterhead, brochures).

- Obtain inventory.

- Create an operations and employee manual.

- Hire employees.

- Set a launch date.

- Plan a grand opening event.

- Send announcements to everyone you know.

- Send press releases.

- Turn on the OPEN sign!

- Revisit your business plan and update often.

- Evaluate your marketing strategy often.

- Prepare a realistic business plan.

Think of this as your business road map. Define exactly where you want to get to with your business and then you can effectively map out your path towards achieving your goals!

By creating a detailed business plan you should cover all options and eventualities and have a clear future vision that will guide you through the rest of the start-up processes.

- Your business plan should encompass the financial considerations of starting your small or home based business:

Do you have the capital required?

Do you need to raise additional funds?

Who are you going to approach for finance?

Who do you trust for advice?

And don’t forget to open a business bank account…

- Consider the legal implications of becoming a business owner and proprietor.

Are you better off as a sole trader, a limited company or are you considering a partnership?

Make sure you consider all the angles and protect yourself and your assets personally from the outset.

Anything you bring to the business has to be itemized, valued… even if you’re a sole trader.

And make sure you are professionally covered with the appropriate business indemnity insurances.

- Get your family and friends behind you from the get-go.

Make sure your family and friends are fully understanding and supportive of your ideas to venture into small business start-up.

Do they understand the level of commitment you will have to show for on-going and long term success?

Their belief in you and continued support of you will work wonders towards your on-going success, so don’t forget to look out for them too.

- Protect your family, protect your business.

If, God forbid, something were to happen to your health, how would your business survive, how would your family cope?

Consider insurances - from health, critical illness and income protection insurance to life insurance ? and consider your pension and long term financial security.

- Face those ‘taxing’ questions from the start.

Your small or home based business has to consider its taxation situation.

Do you need to register your business for sales tax purposes; have you informed your tax office of your business’s inauguration?

Do you have a good tax professional lined up to guide and assist you?

The bottom line when it comes to taxation is that from the outset you need to make sure your papers and books are in order, this will save you time, money and heart ache in the long run.

- Prepare realistic and achievable goals and targets for your first year.

Do not expect to conquer the world with your first year’s business returns.

Starting a business is a life changing undertaking and one you must be patient with. The rewards are there, but make sure you set yourself achievable targets ? when you reach them they will give you the confidence and satisfaction to set new goals and to continue building your business’ success.

—

Matt Bacak, The Powerful Promoter and Entrepreneur Magazine e-Biz radio show host, became a “#1 Best Selling Author” in just a few short hours. He has helped a number of clients target his specialty, opt-in e-mail direct marketing systems. The Powerful Promoter is not only a sought-after Internet marketer but has also marketed for some of the world’s top experts whose reputations would shrivel if their followers ever found out someone else coached them on their online marketing strategies. For more information, visit Bacak’s site at http://www.powerfulpromoter.com or sign up for his Powerful Promoting Tips at http://www.promotingtips.com

Last week I started an online incorporation lens for MaxFilings on Squidoo (a very informative, addictive social media/marketing site).

Many of the businesses that work with MaxFilings to form a corporation or LLC online are looking to take full advantage of all that online media has to offer when it comes to reaching out to their target audiences. Squidoo is adding to the touch points and opportunities available to dominate for your area of expertise, letting you become a lens master for your subject.

MaxFilings works hard to provide useful resources about forming a corporation online. We invite you to learn more about us and what makes us different. And don’t forget to find out how you can set up your own Squidoo lens for your business, too!

A small business resource that you’ll want to check out, www.Business.gov is the official link to the U.S. government. Linked right from the home page, you’ll see essential topics like this:

- Find Small Business Grants and Loans

- Comply with Employment and Labor Laws

- Start a Home-Based Business

- Get Info for Restaurants and Food Businesses

- Buy Government Surplus Property for Your Business

There’s also a handy “permit finder” that lets you seek out permit information for your state and type of business.

See what’s there for YOUR business: www.business.gov

It used to be that only the largest multi-nationals needed a Compliance Officer. Today most practices, regardless of size, would be wise to charge someone within their organization with the responsibility of keeping abreast and managing the compliance process.

Take as an example European employment law that has been introduced over the last few years that has changed the face of European businesses. Small businesses in particular are finding that a casual and informal approach to employment issues can now result in statutory fines that have no bearing on the financial health of the individual company and could, without as much as a by your leave, directly result in the demise of a company.

Small to medium businesses do not often have the luxury of employing a full time Compliance Officer and although larger organizations can afford a dedicated person they are finding that with compliance issues mushrooming the Compliance Officer now has a team, a department and if not already, how long before compliance becomes a division?

Regardless of size, the first step in compliance for any organization requires them to identify the areas of compliance that are applicable to them. Rules and regulations are being introduced monthly on a local, regional, national and international level, covering everything from data protection and freedom of information, anti-money laundering to environmental waste control, race relations to health and safety; with ignorance being no defense there is a requirement on the individual businesses to know their responsibilities, and fines for those that wait to be told.

Having identified the areas of compliance the company then needs to understand what they need to do to ensure they comply. It is becoming conceivable that with the shear volume of compliancy issues that companies who can show a good faith effort in complying will, even when they fall short, reduce the risks of fines.

Having identified and understood the compliance issues the Compliance Officer needs to define and implement policy and disseminate the information throughout the organization.

It is important for the Compliance Officer that they do not inadvertently become the company’s patsy. Senior managers are not averse to ignoring the internal memos they receive advising them of their responsibilities. Compliance Officers need to deliver their messages up and down the corporate food chain and record that their advice and directives have been received and more importantly understood.

The Compliance Officer has to avoid becoming the company scapegoat. This won’t happen by itself, a sales team that has a long history of success though a relaxed attitude to selling is not going to willingly adopt new, and what they will see as restrictive, practices without a fight. ‘I didn’t get the memo’, ‘I didn’t understand it’, ‘I thought it meant something else’, ‘I thought these were only guidelines’ are likely to be stock replies, along with the one or two old timers that didn’t think compliance issues applied to them. It used to be a safe bet to blame IT, blame Compliance is rapidly taking its place.

One valuable tool in the Compliance Officer’s tool box is the online survey and questionnaire.

The online survey can deliver a message internally to the individual; it can be informative like a memo and educational by referencing detailed policy. Importantly it can become a valuable self registering record that confirms that the information has been properly disseminated and understood.

A single survey question can achieve all these objectives at the same time.

Take an example:

Are you aware that section 45 of the Companies (Auditing and Accounting) Act 2003 imposes an obligation on directors of certain companies to prepare statements on their company’s compliance with its relevant obligations? (Click here for a summary of Company’s Policy on Compliance Reporting Obligations)

Yes
No

For those Directors that have not read the policy the survey will give an opportunity to view the company’s policy online (using an embedded live HTML link). Should Directors answer ‘No’ the Compliance Officer knows who to target.

The survey also records the manager’s response and shifts the responsibility away from the Compliance Officer to the individual manager where the responsibility needs rest for a company to meet its compliance obligations.

Using an online website such as http://www.surveygalaxy.com where multiple surveys can be managed, easily modified, updated and re-issued on a periodic basis across an organization online surveys can be the Compliance Officer’s killer application.

Through the regular use of online surveys the Compliance Officer will be in the driving seat, leading and not chasing compliance issues, not only circulating the information on a one to one basis but also monitoring and recording the level of awareness throughout the organization.

The Compliance Officer’s role is a difficult one, like a parent keeping a wayward child on the straight and narrow, most employers, let alone their employees, often do not fully understand the true consequence of their, often innocent, minor discretions. Assigning a Compliance Officer is a start but enabling them to fulfill their remit will be the difference between a company being fully compliant and one that risks suffering the consequences for having let compliance take a back seat.

—
Martin Day is a Director of Survey Galaxy Ltd a web site that allows anyone to create, design and publish online surveys. Martin has provided survey consultancy for a number of Compliance Officers to help develop internal compliance awareness programmes. For more information please visit http://www.surveygalaxy.com